At the first glance it seems to me like it is. I think I have heard it being used in this context. Google lists this as one of the meanings of the word "hang".
But then I googled "hung" and came across this page at dictionary.com which says that it's something vulgar.
So, is it okay to use? Is there a better word?
"Hanging" is better than "hung" but not because of the possibly perceived vulgarity.
It's just because it's better understood, in this context, as meaning what you want it to mean.
Incidentally, I would not worry about "hung" being an improper and vulgar word to use, unless you say "well hung", which indeed generally means "possessed of an impressively-sized penis".
